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Quick Poll of 401k matching. I’ll start Deloitte .25 of first 6%

likefunnyhelpful
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Our corporate overlords put 1% into an account even if I don’t withhold anything.

Match up to an additional 5%. All corporate monies are deposited at end of calendar year.

Not sure about current vesting rules as I am old and have been around for a while. Maybe younger IBMers can provide insight into those rules.

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Lol. “Corporate overlords” I like that.

likeupliftingfunny

Here’s a question for the informed people in the room: From the employer’s perspective, are employer 401k contributions equivalent to standard employee compensation from a taxation / deduction perspective?

In other words, given a fixed amount of total comp for a given employee, are there any advantages *to the employer* in pushing more of that comp via standard payroll vs 401k contribution?

Good question Slalom. I'm unaware of the tax implications of the difference, but at the very least, a lower base and higher 401k comp would likely mean lower bonuses paid. And ultimately lower 401k contributions as those are also tied to base rate.

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5% regardless of contribution. 10% after two years. Vests immediately.

likehelpful

Mck3 no actually there’s a defined contribution pension plan in addition to a separate investment vehicle (but we don’t have an in house fund for conflict reasons, all externally managed)

ACN 100% of 6%, starting after 1yr (Jan 1 or July 1). Matching vests after 1 year.

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Accenture8 - even if it’s a flat stock it’s a nice perk, let alone the run that it has had

Forgot that Deloitte claws back the little they give if you leave before four years 😂

likefunny

What’s the rule if you leave before 4 years? A portion of your contributions are kept?

Ah Deloitte, doing the absolute minimum

CHURN AND BURN THIS BABY TO THE GROUND

likefunny

7.5% TC regardless of contribution. Vests immediately, % increases as you gain tenure but still subject to IRS limits

likeuplifting

Loving the Deloitte bashing by....D folks! 🤣😂

likefunny

Accenture and booz are 6%

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Microsoft is 50% of contributions up to IRS limit. You put in 19.5, they put in 9.75.

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Booz matches 100% of the first 6% of contributions. Match vests immediately as long as you’re employed with the firm on the last day of the calendar year.

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Yes that’s right AE1. We see lots of turn-over around that time.

Idk what KPMG does anymore 😓

likefunny

The issue with our 401k is not the vesting, I get that. We're out of step w others, but I get it.

What I'd like to see is the firm contributing each pay check so you get growth through the year.
The real step up would be nonvoluntary contributions. As much independence crap as we have to put up with, they should just relieve us all of the trouble and do a portable 401k for us.

Just one idiot's opinion....

7.5%/12% regardless of your contribution upto the 401k maximum. Vests immediately

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Yeah I’m on research track and it’s 12% of base + bonus invested all at once at end of year.

84% of the first 6% (basically 5% total)

- fully vested if hired before Jan 2020
- hired after Jan 1 2020 there is some vesting schedule

likesmartfunny

As a subsidiary who is stuck with your 401k plan... Who came up with the weird 84% rule... Why not just do a 100% to 5%?

It is better than the old 50% to 6% (especially for those of us grandfathered in to full vesting) but it is just weird...

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All I'm learning is that consultancies are cheap.

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Base and bonus brings em in. Life balance and benies drive em away

likefunny

Visa: 2:1 match on up to 5% of base (10% total), paid biweekly, vests immediately. I believe mastercard is similar

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PwC is also 25% of 6%. I would imagine all big4 are similar here no? We also have a “wealth builder” plan that gives a non elective 3%-8% depending on level and/or experience. For example, a manager gets 6.5% altogether of comp contributed by the firm.

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I vested in 4.5 years and I wasn’t exactly an over achiever in the billing dept

Up to $19.5K match, vests immediately ✌🏼

likesmart

Company?

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We get 7.5% of our total comp gifted to us by the firm, regardless of whether we contribute or not, up to the IRS limits. For lower income colleagues, the firm puts 12.5% in. Then there’s the mega backdoor Roth that the retirement account helps facilitate. Thats more free money.

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How does the firm define "lower income colleagues"? Maybe I'll apply 😂

funny

$ to $ match up to $15K 😉

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Big 4 benefits packages including 401k are the worst!

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Did you just agree with yourself, PWC5?

funny

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